JAPAN: Mitsubishi Gas targets March 2015 for withdrawal from PTA business

In early Oct. 2014, MGC told US-based "PetroChemical News" (PCN) it was examining when to withdraw from the business because, with the global oversupply of PTA, it could not anticipate a profit improvement.

MGC, through its Mizushima Aroma joint venture with Toyobo Co., currently owns a 260,000-t/y PTA plant at Mizushima, Japan. Production will end in March and dissolution procedures will be initiated, MGC said.

"It remains unlikely that the excess supply will be eliminated in the foreseeable future... The company has therefore decided that the best policy is to quit the business," MGC explained.

Source: Weekly "PetroChemical News", Durham, NC, USA; 27 Oct 2014
(Syed Rashid Ali, Karachi, Pakistan)